CAMECO TO SUPPLY UKRAINE’S FULL URANIUM HEXAFLUORIDE NEEDS TROUGH 2035
Energoatom, Ukraine’s state-owned nuclear energy utility, and Cameco Corporation, one of the largest global producers of uranium fuel based in Canada, have reached agreement on commercial terms for a major supply contract for Cameco to provide sufficient volumes of natural uranium hexafluoride, or UF6 (consisting of uranium and conversion services), to meet Ukraine’s full nuclear fuel needs through 2035. Key commercial terms, such as pricing mechanism, volume and tenor, have been agreed to, but the contract is subject to finalization, which is anticipated in the first quarter of 2023.
The 12-year agreement will run from 2024 through 2035. The contract will contain a required degree of flexibility, given present circumstances in Ukraine. The agreement will see Cameco supply 100% of Energoatom’s UF6 requirements for the nine nuclear reactors at its Rivne, Khmelnytskyy and South Ukraine nuclear power plants for the duration of the contract.
The contract will also contain an option for Cameco to supply up to 100% of the fuel requirements for the six reactors at the Zaporizhzhya nuclear power plant, currently under Russian control, should it return to Energoatom’s operation.
(Source: Cameco – Image: Rivne NPP, Ukraine)